In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new generation of...

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In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new generation of its product. Match each expenditure to the appropriate accounting treatment on the right. v Takes possession of a manufacturing machine. The vendor sends an invoice for $650,000. A. Capitalize to the Machine account. B. No accounting entry is necessary. v Pays a machine import duty of $35,000 to the government. C. Expense. D. Capitalize to a different asset account. v Pays employees $75,000 for research and development to finalize the new product design. v Receives an invoice for $4,250 from the company that shipped the machine. v Pays employees $16,500 to install, customize, and test the new manufacturing machine. Pays $1,200 for a one-year insurance policy for the machine, with coverage beginning when the machine is placed into service on February 16. In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new generation of its product. Match each expenditure to the appropriate accounting treatment on the right. v Takes possession of a manufacturing machine. The vendor sends an invoice for $650,000. A. Capitalize to the Machine account. B. No accounting entry is necessary. v Pays a machine import duty of $35,000 to the government. C. Expense. D. Capitalize to a different asset account. v Pays employees $75,000 for research and development to finalize the new product design. v Receives an invoice for $4,250 from the company that shipped the machine. v Pays employees $16,500 to install, customize, and test the new manufacturing machine. Pays $1,200 for a one-year insurance policy for the machine, with coverage beginning when the machine is placed into service on February 16.

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ANSWER A Takes possession of a widget manufacturing machine The vendor sends an invoice for 650000 D ... View the full answer